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Mumbai’s Property Sales Decline By Over 6% Year-On-Year

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Year-on-year biannual data of property registrations done in Mumbai shows a 6.39% decline. In 2022, between January and June, a total of 66,760 agreements for sale were registered with the Department of Registration and Stamps. On the other hand, during the first six months of 2023, which is up to June 30, 62,492 agreements for sale were registered.

In June 2023, a total of 10,319 property sale agreements were registered, as per data available from the state government. The previous June, 9,919 agreements for sale were registered in Mumbai.

Brokers, and consultants remain upbeat

Despite the decline in property registrations, real estate consultants and brokerage firms continue to be upbeat. They have been terming the recent sale of properties as a “bull run” of sorts and it being at an all-time high. However, a look at the 2023 property registration data shows a contradicting picture.

“Those who are into marketing and sale of properties will always try to portray a rosy picture of the industry, because their agenda is simple – to push more sales for their company to maintain a growth trajectory,” said an industry player in confidence.

“If the market is too buoyant and the demand as projected by the real estate consultancy firms, why for years is there stagnancy in the property prices?” questioned the same individual.

“Price of a product or service is directly dependent on the interaction between demand and supply. With such a heightened demand, the property prices should have increased month-on-month, but that is not the case despite the inflationary pressures that the Reserve Bank of India’s Governor himself has been categorically pointing out, repeatedly.”

Inflation, increase in home loan interest rates have hit market

Overall, in the recent past, the real estate market has witnessed a few headwinds impacting the sale such as inflationary pressure, increase in home loan interest rates, higher stamp duty rate, layoffs, etc.

At every repo rate or interest rate hike announced by the RBI, it is widely known that the real estate industry stalwarts have been presenting itself as upset and coming up with statements that it will impact property sales. Yet, within a few days, they contradict their own statements by mentioning the sales continue to be robust and at an all-time high.

Maharashtra

Five arrested for tampering with taxi and auto-rickshaw fare meters in Mumbai, cheating passengers financially and installing fake technical devices in the meters.

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Mumbai: On September 2, around 8 am, Police Constable Nilesh Salunke received information from his informant that many rickshaw and taxi drivers in Dahisar area were using a device in their meters to artificially increase the fares and were robbing passengers. The information was passed on to the seniors who confirmed the matter and ordered further action.

To verify this, on September 1, a fake passenger was sent for a journey in taxi number MH 01 CJ 6487. The taxi driver concerned had covered his fare meter. And due to his suspicious activities, the taxi driver was detained along with the taxi and after writing to the Regional Transport Department, Borivali Kandivali, Dahisar East Mumbai, the said taxi was examined by them and it was found that the electronic running circuit device in the taxi fare meter was illegally tampered with by connecting wires and through this, the common passengers were cheated by increasing the artificial fare. In this regard, when further investigation was done, it was installed in taxi number MH 01 CJ 6487 by Islam Nama Amin Ramzan Pathan, age 31 years, profession – Rickshaw Driver / Electrician. When he was taken into confidence and questioned, it was found that the electronic running circuit device in the fare meter in 04 more taxis / rickshaws was illegally tampered with by connecting wires. In this regard, a case has been registered at Dahisar Police Station under Section 1293/26, Section 318 (4) of the Indian Penal Code – 2023 and Sections 33, 35 and Section 145 (a) of the MV Act. Here near Gokul Anand Hotel, Ashok One, Dahisar East, Mumbai Taxi/Rickshaw seized for tampering with fare meter Maruti Suzuki Company black yellow taxi number MH01CJ6487 Bajaj Company black yellow rickshaw number MH02DU0777 Bajaj Company black yellow rickshaw number MH03BY4268 Maruti Suzuki Company black yellow taxi number MH02BQ7392, Maruti Artica Cool Cab MH-01-EM-604 Seized goods
(Used for tampering with fare meter) Electronic running circuit along with it of accused
1) Zaheb Altaf Deshmukh Age – 32 years
2) Amin Ramzan Pathan Age – 31 years
3) Riaz Abdul Ghani Sheikh Age – 45 years
4) Nazir Ibrahim Patel Age – 57 years
5) Anand Kumar Nanak Prasad Rai Age – 60 years Action taken against Along with this, the accused have been arrested and further investigation is underway.

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Maharashtra

A boat developed a technical fault near the Gateway of India, following which the police safely rescued the boat and its passengers.

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Mumbai: Gateway of India Police safely rescued the sea boat and passengers. The sea ferry boat ‘Anwari’, which makes a half-hour sea trip from the Gateway of India, broke down in the sea at a distance of about 1.5 nautical miles, while returning to the Gateway at around 3:30 pm. A total of 38 people were on board the ship, including 34 passengers and 4 crew members. As soon as this information was received from the control room, Police Constable Abhijit Shinde and Police Naik Guru of Bat No. 01 immediately understood the seriousness of the situation and started inquiring about other boats in the vicinity. They came to know that the ferry boat ‘Azad Hind’ was near the stranded ship. After this, they contacted Junaid Mulla, the owner of ‘Azad Hind’, and arranged for ‘Azad Hind’ to be sent to the location of the disabled boat. ‘Azad Hind’ arrived immediately, towed ‘Anwari’ back and brought it safely to Jetty No. 2 at Gateway of India. All 34 passengers and 4 crew members on board are safe. The passengers and the boat were rescued due to the presence of mind and cooperation of the Mumbai Police constables, which is also being praised on social media. While the boat that was stuck in the sea was broken and unable to travel further, the police provided immediate assistance, due to which a major accident was averted.

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Maharashtra

19-Year-Old Man Kills Wife, Ends Life Following Domestic Dispute in Agripada

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MUMBAI: A tragic incident unfolded in South Mumbai early Friday morning after a 19-year-old daily wage laborer allegedly murdered his 19-year-old wife before ending his own life near Kalapani Chowki in Agripada.

According to the Agripada Police, the incident occurred at around 5:00 AM. The accused, identified as Mohd. Ehsan Sheikh (19), got into an altercation with his wife, Jannat Ehsan Sheikh (19), following an ongoing domestic dispute. In a fit of rage, Sheikh slit Jannat’s throat with a kitchen knife, killing her on the spot.

Immediately after the assault, Sheikh turned the same weapon on himself and slit his own throat.
Local residents alerted the police, and Sheikh was rushed in critical condition to the nearby BYL Nair Hospital.

However, he succumbed to his injuries while undergoing treatment.
The Agripada Police have initiated legal proceedings in connection with the double tragedy. A case of murder is being registered against Mohd. Ehsan Sheikh, while an Accidental Death Report (ADR) is being filed regarding his death. Further investigation into the circumstances surrounding the dispute is currently underway.

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